Data from the Nigerian Bureau of Statistics (NBS) has revealed staggering increases in the prices of essential food items across the country, painting a concerning picture of rising inflationary pressures.
According to the report titled ‘Selected Food Prices Watch (January 2024)’, the average price of 1kg of local rice sold loose skyrocketed by a whopping 98% in just one year. This surge represents a significant jump from N515 recorded in January 2023 to N918 in December 2023.
Similarly, the average price of 1kg of Beef boneless witnessed a substantial increase of 37% year-on-year, soaring from N2,419 in January 2023 to N3,316 in January 2024.
Beans brown (sold loose) also experienced a notable surge, with prices soaring by 64% year-on-year from N594 to N976, while onions and tomatoes saw increases of 97% and 81%, respectively, over the same period.
Breaking down the data by state, Abuja emerged with the highest average prices for local rice, beef boneless, and onions, indicating significant economic pressures in the nation’s capital. Conversely, Benue, Gombe, Adamawa, Zamfara, and Kano recorded relatively lower prices for these essential food items.
The sharp rise in food prices underscores the challenges faced by Nigerian households, particularly those with limited income. With inflationary pressures persisting and food security concerns looming, policymakers are faced with the urgent task of implementing measures to mitigate the impact on vulnerable populations.
